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Why You Need a Policy Review ASAP

As we dive into the new year many people look for fresh starts and resolutions. While you are evaluating the important pieces of your life, make sure to take the time to assess your insurance coverage as well. Insurance protects your home; one of your most important assets. It is essential to review your insurance policies with your agent at least once a year to ensure there are no gaps in coverage and that everything is up to date. Let’s look at some key areas to review with your agent. If you don’t have a flood insurance agent or are looking to make a change, 1st Direct has you covered! Contact us today for a free consultation and policy review.


Personal Information

A lot can change in a year so it’s important to make sure the basic information on your policy is correct. Make sure to review the following:

  • Newly married, divorced or any name changes?

  • Contact Information: Any change to your email, phone number or any other contact information?

  • Mortgage Lender: Have you recently paid off your mortgage or had any lender changes?

Flood Insurance Policy

Your coverage needs don’t always remain the same. It’s important to review what coverage you have and adjust as needed. For instance, maybe when you first purchased your policy you thought you only needed building coverage but now see that you need contents coverage as well. Talk to your agent about different policy options as there are many different choices depending on your needs. Also see 4 Surprising Differences Between Private and Federal Flood Policies to learn more about the different policy options.


With the ever-changing environment and climate your property may have been reclassified into a higher or lower risk area. Make sure to check with 1st Direct to see if any recent map changes have affected your property. Get a free risk analysis!


Coverage Amounts

Now that you have reviewed what policy you have or need to change, it’s important to make sure the coverage amounts are adequate.

  • Have you made any upgrades/additions to your home that may have increased your homes worth and the expenses of fixing it if you suffer a loss?

  • Have you made any contents changes? Maybe you re-furnished your home and your coverage is now below what it would cost to replace your belongings.

Keep in mind that NFIP residential policies have a limit of $250K for building and $100K for contents so, if you need additional coverage, you may need to consider private carriers.


Do You Know Your Policies and Where to File a Claim?

Are you familiar with the basics of what is and is not covered on your policy? This is very important to review with your agent so you aren’t caught off guard if you have a loss for something that may not be covered. Depending on the type of policy you have there are different restrictions.


It is also important to know what your homeowner’s insurance covers vs your flood insurance so you know which policy applies for the different type of losses. It will save you lots of time and headache if you know what your different policies cover so you can file your claim with the correct carrier the first time around. For instance, if you have a roof leak, that water damage may be covered under your homeowner’s policy. However, if water came in your home due to surface water from heavy rain or snow melt, that could be a flood claim.


At 1st Direct we help you through every step of the process from finding the right policy all the way through any claims you have. Any questions? Don’t hesitate to ask,The Flood Authority team is here to help!


Contact us today at info@firstdirectins.com or 888-381-0511.

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